Chinese Citizens Buy 1 Out Of Every 10 Homes Sold In California

Only in the USA could one view the purchase of property by foreigners
a sign of recovery. Chinese citizens buing 10% of every home sold in
California, and 1/3 luxury homes in California.
As China’s economy rises, a group of China’s new rich with abundant
cash funds appeared in Southern California, mostly businessmen, taking
advantage of the housing market downturn bought a lot of foreclosures,
short sales or not yet listed houses with cash.Real Estate agent Zhou Min said once a customer produced the proof of
bank account, took a look, it had 6 million dollars, everyone was
shocked. And the wealthier mainland Chinese buyers like to buy in white
areas, Newport Beach and Newport Coast are their first choices.As for wealthy mainland Chinese businessmen moving into Pacific Coast
white communities, real estate broker Liu Zhaojun said mainland China
has foreign exchange controls, rich businessmen do not want to be too
ostentatious and be noticed.In Los Angeles, New York and even Miami, buyers mostly from China—and
some are from Hong Kong, Singapore and Korea—are radically altering the
landscape. Last month, a Chinese couple paid $34.5 million for a
Versailles-style mansion on Sunset Boulevard in Beverly Hills, Calif. A
year earlier, a Hong Kong businessman paid around $28 million for a
nearby estate. Over the last six months in New York, several full-floor
apartments in a new Manhattan high-rise called One57, each with a price
tag of roughly $50 million, have gone into contract with Chinese buyers.